By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – UGI Utilities, Inc. entered on Nov. 30 into a note purchase agreement for a private placement of $250 million of notes in three parts, according to an 8-K filed with the Securities and Exchange Commission.
The notes include $25 million of 6.02% senior notes, series A, due Nov. 30, 2030; $150 million of 6.1% senior notes, series B, due Nov. 30, 2033; and $75 million of 6.4% senior notes, series C, due Nov. 30, 2053.
The notes are callable by UGI Utilities at any time, in whole or in part, at the make-whole price, which is the greater of par plus accrued interest or the present value of the remaining principal and interest payments due on the notes discounted by the yield on the U.S. Treasury obligation having a final maturity corresponding to the remaining average life of the notes plus 50 basis points.
Proceeds will be used to refinance existing debt and for other general corporate purposes.
UGI is a King of Prussia, Pa.-based holding company that distributes, stores, transports and markets energy products and related services through its subsidiaries.
| Issuer: | UGI Utilities, Inc.
|
| Amount: | $250 million
|
| Issue: | Senior notes
|
| Call: | Make-whole call at any time
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| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 30
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| Distribution: | Private placement
|
|
|
| Series A
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| Amount: | $25 million
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| Maturity: | Nov. 30, 2030
|
| Coupon: | 6.02%
|
|
|
| Series B
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| Amount: | $150 million
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| Maturity: | Nov. 30, 2033
|
| Coupon: | 6.1%
|
|
|
| Series C
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| Amount: | $75 million
|
| Maturity: | Nov. 30, 2053
|
| Coupon: | 6.4%
|
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